Global ERM Best Practices Webinar III

December 1, 2009


Times vary by location.  Program runs for 18 hours to allow for daytime viewing in all locations.

This webcast takes place via the Internet.  At your location.

Speakers from Europe, Americas and Asia-Pacific areas.

ERM is a unique field that is developing in all parts of the world at more or less the same time; therefore it is a new practice area where a global actuarial community of practitioners is developing. The webcast includes speakers from Europe and Asia/Pacific, as well as the Americas, and allows risk officers to share emerging risk management practices across different geographical regions.

The objective of this webcast is to provide the global actuarial community with new and emerging enterprise risk management (ERM) practices from different geographical regions. This webcast will include speakers from Asia/Pacific, Europe and the Americas offering insight into ERM best practices.

The webcast objectives

  • Disseminating and promoting global ERM best practices to the actuarial community
  • Offering accessible information about ERM to actuaries
  • Facilitating the discussion of practical and theoretical ERM issue and possible solutions
  • Promoting global standards of best practices in ERM

Who Should Attend

  • Actuaries who are currently practicing in the ERM area within Insurers or consultancies and
  • Actuaries and actuarial students who wish to get exposed to ERM practices so they can participate in ERM programs at insurers in the future
  • Other nonactuarial risk officer



Session Description in Comment to this post.

Speakers will be posted when available.

Explore posts in the same categories: Economic Capital, Enterprise Risk Management, ERM, INARM, Risk, Risk Management, Solvency II


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2 Comments on “Global ERM Best Practices Webinar III”

  1. Webinars are a great way to acclimated with ERM. Here is a helpful Webinar by Hudson which allowed me to better understand the concept. I definitely think that its worth the 45 minutes.

  2. riskviews Says:

    Session Descriptions

    Value Creation vs. Systemic Risk

    Systemic Risk is a key concern for regulators worldwide in the wake of the 2008 financial crisis and initiatives are underway to reduce systemic risk. For example the U.S. Treasury and Her Majesty’s Treasury in the UK have separately proposed financial regulatory reform including the establishment of a systemic risk regulator. Concerns have arisen over credit for diversification, group structures and market consistent valuation. However the insurance sector still needs to create value for their shareholders to remain viable and provide insurance services.

    This session will consider some of the concerns around systemic risk and the drivers of value creation that have come under close attention by virtue of their links to systemic risk. The Asia Pacific session will also evaluate pension scheme concerns.

    This session will be presented at a basic level in all three regions.

    Approaches to ERM and Capital Models

    ERM approaches to setting capital requirements for the financial services industry are being revised and updated by various stakeholders around the globe. These changes will have a significant impact on the economic capital models (ECM) that insurers use. In the European Union, there is much focus on the implementation of Solvency II regulation and several countries in Asia and the Americas are contemplating adopting Solvency II into their own regimes. IAIS (International Association of Insurance Supervisors) have also started some initiatives with regards to the regulatory approach to ERM. Rating agencies are developing their criteria for ERM and ECM. Meanwhile ERM as practiced in the banking sector is often suggested as a model for ERM in the insurance sector. What does this all mean to the insurance industry?

    Questions for discussion include:

    * How are stakeholders including insurers, banks, regulators and rating agencies approaching the development of an ERM / ECM framework? What are the similarities/differences?
    * How will the various approaches to ERM/ECM affect current capital modeling approaches?
    * What is the capacity of the stakeholders to understand and assess a potentially more sophisticated ECM framework?
    * Is a regulatory system requiring capital models sufficient and viable?

    This session will be presented at an advanced level in the Asia Pacific and European regions and at a basic level in the North and South American region.

    Economic Capital Models: Design, Calibration, Validation and Updating

    This session will focus on the processes associated with designing, calibrating, validating and updating of internal models based on bringing new information and intelligence as they arise.

    Questions for discussion include:

    * What does best practice look like when designing, calibrating, validating or updating an ECM? How do we assess the limitations of an ECM (e.g. model risk or parameter uncertainty)?
    * What are prudent processes that can be used to test models such that they simulate a reasonable approximation of reality?
    * What is the tradeoff between model efficiency and model accuracy? What are the available resources to address this?
    * What is best practice for integrating an ECM with the strategic planning of an insurance business? Would regulatory requirements for internal models weaken their effectiveness in risk management?

    This session will be presented at an advanced level in the European and North and South American regions, and at a basic level in the Asia Pacific region.

    Governance, Strategic Risk and Operational Risk

    Firms that have poor governance or poor management of strategic and operation risks often experience brand damages, loss of distribution networks, fiscal changes, or inability to fund new business plans, ultimately leading to failures. The main benefit touted in an ERM framework is the notion that ERM takes a holistic view of the risks permeating an entity in the interest of balancing risk and return tradeoffs in making strategic decisions such as capital allocation to add value to an enterprise. Yet ERM frameworks often do not adequately capture the governance, strategic or operational risks that businesses face.

    This session will consider issues such as ERM governance, tools and techniques to assess strategic and operational risks and their integration into an overall ERM framework. In addition, the Asia Region session will provide in-depth discussions of ERM in the pension industry.

    This session will be presented at an advanced level in the Asia Pacific region and at a basic level in the European and North and South American regions.

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